Diwali 2023- IRFC, PFC, Jindal Saw, UCO Bank among top mid, smallcap gainers during last year
Indian stock market: Indian Railway Finance Corporation ltd (IRFC), REC Ltd, PFC (Power Finance Corporation Ltd) , UCO Bank, SJVN Ltd stand amongst the top mid cap gainers during Samvat 2079 having given 127-258% returns to investors during last one year. IRFC saw maximum gains followed by others The investor's confidence remained very strong on mid and small caps and the returns given by mid and small Indices have beaten Sensex and Nifty returns. The Sensex and Nifty are up by around 11% during the last year.
Comparatively BSE mid cap index is up almost 28% and small cap index is up 32 % Also Read-Diwali 2023: What is ‘samvat’ and why does it hold significance for investors? The government focus on infrastructure and make in India initiative both have been one key reason for the significant rise in share price of many of these companies said analysts Besides Public Sector companies have seen improved investor confidence. Also strong power demand has lifted towards many of these companies. Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt.
Ltd has given target price of ₹90 for IRFC stock trading close to ₹75 levels. For SJVN Ltd the correction in stock prices also has been propelled led by Governments offer for sale. However earnings prospects still remain strong for the company in Hydropower generation and transmission.
SJVN is diversifying and expanding its renewal power portfolio adding new capacities regularly. Meanwhile Banks have continued seeing improved earnings outlook led by rising credit growth, reducing NPA (Non-performing assets) and rising net interest margins. This has driven sentiments towards Banks including UCO Bank.
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